deep pooh

rjh090384

Just Phoned And They Said They Wont Tell Me!

MikeAndHisLovelyPlant

rjh090384 wrote:

our motgage is fixed for 3 years. would we not have to pay a big fee to extend it.

Possibly not. They normally charge fees to stop you going elsewhere, hell, some of these companies even try to provide customer service. It's worth talking to them first, after all they have the house as security and secured loans are normally the cheapest BUT (and that's a big but) make sure you are comfortable taking out extra borrowing this way - they don't call it secured for nothing.

Mike

rjh090384

we would be comfortable doing it this way as we have the money to apy it off jsut not the time it takes to save it!! i asked alliance fora application for a further loan but they said they still credit score this and they did turn me down for a personal loan

MikeAndHisLovelyPlant

rjh090384 wrote:

they did turn me down for a personal loan

Personal loans are normally for much shorter terms eg 3-5 years rather than 20-25 years for mortgages and so the repayments are higher (and interest rates are higher too as they are unsecured).

Talk to them specifically about the mortgage, can you reborrow any capital that you have paid off? Can you take a payment holiday? These are often available as long as you've been paying for a certain period.

Is your mortgage with A&L? If so and the value of your house has gone up then what about....
http://www.alliance-leicester.co.uk/mortgages/index.asp?page=further-loan&mortgageset=10&buyertype=unknown&ct=mortgagesellmenu
this has a £150 fee so is not as desirable as tinkering at the edges of the mortgage.

Mike

AMILLIONDOLLARS

What sort of money are we talking about in total? and what terms/years were you looking to repay it, maybe these had a bearing on you being refused.

AMD

rjh090384

MikeAndHisLovelyPlant wrote:

Personal loans are normally for much shorter terms eg 3-5 years rather than 20-25 years for mortgages and so the repayments are higher (and interest rates are higher too as they are unsecured).

Talk to them specifically about the mortgage, can you reborrow any capital that you have paid off? Can you take a payment holiday? These are often available as long as you've been paying for a certain period.

Is your mortgage with A&L? If so and the value of your house has gone up then what about....
http://www.alliance-leicester.co.uk/mortgages/index.asp?page=further-loan&mortgageset=10&buyertype=unknown&ct=mortgagesellmenu
this has a £150 fee so is not as desirable as tinkering at the edges of the mortgage.

Mike

i have got the application for this sent out and should receive it soon.

was looking for 7500 over 5 or 6 years.

AMILLIONDOLLARS

Still think you need a more upto date copy of your credit file, as it has been "a while ago", obviously something must have happened since your last check!

AMD

MikeAndHisLovelyPlant

But check that you really can't increase the mortgage amount or reborrow the capital you've already repaid or have a payment holiday on your current mortgage before you get the other loan.

Best of luck anyway

Mike

rjh090384

AMILLIONDOLLARS wrote:

Still think you need a more upto date copy of your credit file, as it has been "a while ago", obviously something must have happened since your last check!

AMD

i checked it yesterday! ntohing unusual is on it. it was perfectly fine until i appliede for the loans then my rating decreased by about 300 points

rjh090384

MikeAndHisLovelyPlant wrote:

But check that you really can't increase the mortgage amount or reborrow the capital you've already repaid or have a payment holiday on your current mortgage before you get the other loan.

Best of luck anyway

Mike

havent ahd a payment holiday, have always bene up to date with payments but have only ahd mortage for 7 months so havent paid back that much though value of house has incresed 40000 in that time so maybe we can borrow against this?